Making a Difference with EIPP


electronic invoice on a tablet

Electronic Invoice Presentment and Payment (EIPP) is a process that improves B2B invoicing, payments, and collections capabilities - from enhanced print and mail functionality to a comprehensive print, electronic and web portal suite of capabilities. An EIPP solution/strategy provides a bi‐directional bridge between a supplier’s Accounts Receivable Systems and their customers’ Account Payable Processes – giving both the information and data necessary to accurately process and manage all the elements involved in revenue and expense reconciliation.


Benefits of EIPP

EIPP is becoming a necessity for B2B Invoicing. In a previous post (“Is Your eInvoicing Process The Best It Can Be?”) we talked about the results of an independent research study on best practices and benefits that come from the implementation of an EIPP solution. Some of the benefits include automation of the complete purchase-to-pay cycle to improve efficiencies, lower costs and improved control over the financial supply chain. Other benefits include:

  • Lowered DSO
  • Reduced cost in the composition and delivery of documents
  • Increased invoice accuracy and efficiency
  • Faster dispute resolution
  • Improved customer retention and satisfaction

EIPP Components

There are four key components to an EIPP solution and all four must be implemented strategically to communicate seamlessly throughout the invoicing process. Below is a deeper dive into the four components.

1.  PRESENTATION LAYER. The presentation layer is possibly the most important aspect of
        EIPP as it’s the first thing your customers see. This layer is the output that pulls together
        data from multiple system inputs. The output options include:

      • Print & Mail
      • Email & interactive PDFs
      • Website - HTML presentment & invoice management
      • Tablet & Mobile - HTML5
      • SMS

All of the output must be self‐managed by the customer to meet their specific AP requirements, including invoice presentment by service, profit centers, locations, departments, and/or rolled up to a corporate level (industry specific). Outputs must also support analytics for collection, marketing, and messaging. Many companies struggle with the data aggregation and normalization to output at the presentation layer in formats that are easy for the recipient to understand and action against. Here is an example of what we commonly see companies without EIPP sending out:

ugly, old black and white printed statements


2.  SERVICE INTERACTIONS. Sending out invoices by print and mail is expensive, time-
         consuming and inefficient. It is a one-way communication that doesn’t allow for the
         following real-time actions/interactions:

      • Payment application
        • ACH, Credit/Debit card, EDI
      • Invoice disputes
      • Managing customer information & delivery preference
        • Alerts & Reminders (Mobile, Email, SMS)
        • Contact Information
      • Analytics-driven collections & marketing

3.    COLLECTIONS. Understand that collections really begin at the point of sale. With EIPP, you enable up-front, self-selection of billing preferences that help ensure people pay on time.


4.    ARCHIVAL. It’s not just a PDF copy of the printed invoice. To ensure both quality Customer Service and legal/regulatory compliance, every step in the billing and payment process, (all data, content, rules, documents, multi‐channel OUTPUT, and service interactions) must be stored and accessible to the biller as well as the customer. Lack of this audit trail increases the time for dispute resolution and potentially puts the company at risk for regulatory compliance.


EIPP IN ACTION


CEDAR's EIPP solution on tablet and web portal


See how CEDAR implemented its electronic invoice presentment and payment (EIPP) solution for one of the largest credit agencies in the world, servicing 400 million credit holders worldwide. With their solution, our client needed:

    • a company-branded invoicing portal
    • higher electronic adoption rates
    • a web archive for all paper invoices

Read the Case Study on our EIPP solution